Markets were down on Thursday after U.S. inflation came in a little high and led to expectations that the FED might have to increase interest rates at least once more.
The S&P 500 was down 0.6% and Toronto was down 0.8%.
The great majority of stocks that I monitor were down on the day.
Toll Brothers was hard hit with a 5.8% decline probably directly related to fears of further interest rate hikes. Meanwhile Toll Brothers seems to be very busy announcing new communities and with other announcements about its progress.
My next update will be for Constellation Software. It’s a fantastic company. However its financials are complex and I have a hard time arriving at a view of its adjusted earnings. Its GAAP earnings consistently understate its cash generations. It always looks expensive but then it keeps growing rapidly.
Tomorrow, Friday we get earnings from several of the big U.S. banks and that could push the market in one direction or the other depending on those results.